John Bird and John Fortune on structured credit. I’m in heaven.
"It’s moved onto Wall Street and it’s extraordinary what happens then:
somehow, this package of dodgy debts stops being a package of dodgy debts, and
starts being what we call a structured investment vehicle. I buy it, yes, and
then I will ring up somebody in Tokyo and say look, I’ve got this package, do
you want to buy it, and they say what’s in it, and I say I haven’t got the faintest
idea, and they say how much do you want for it, and I say a hundred million
dollars, and then they say fine. That’s it, that’s the market."